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GLOBAL PARTNERS LP（GLP）与Restaurant Brands International Inc.（QSR）财务数据对比。点击上方公司名可切换其他公司
Restaurant Brands International Inc.的季度营收约是GLOBAL PARTNERS LP的1.1倍（$2.5B vs $2.2B），Restaurant Brands International Inc.净利率更高（6.3% vs 1.1%，领先5.2%），Restaurant Brands International Inc.同比增速更快（7.4% vs 7.0%），Restaurant Brands International Inc.自由现金流更多（$453.0M vs $62.2M），过去两年Restaurant Brands International Inc.的营收复合增速更高（19.1% vs 0.2%）
Global Partners LP是一家美国能源供应企业，2018年位列《财富》世界500强第361位，采用业主有限合伙制架构，核心业务为石油产品进口，深耕北美市场开展营销活动，批发的产品涵盖原油、柴油、汽油、取暖油及煤油等品类。
Restaurant Brands International（简称RBI）是美加合资的跨国快餐控股企业，2014年由汉堡王与加拿大咖啡连锁品牌蒂姆·霍顿斯以125亿美元合并成立，后续先后收购Popeyes、Firehouse Subs两大品牌，现为全球第五大快餐运营商，规模仅次于赛百味、麦当劳、星巴克和百胜餐饮。
GLP vs QSR — 直观对比
损益表 — Q4 FY2025 vs Q4 FY2025
| 指标 | | |
|---|---|---|
| 营收 | $2.2B | $2.5B |
| 净利润 | $25.1M | $155.0M |
| 毛利率 | 11.9% | — |
| 营业利润率 | 2.6% | 25.2% |
| 净利率 | 1.1% | 6.3% |
| 营收同比 | 7.0% | 7.4% |
| 净利润同比 | 5.0% | -57.1% |
| 每股收益（稀释后） | — | $0.33 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
| Q4 25 | $2.2B | $2.5B | ||
| Q3 25 | $2.2B | $2.4B | ||
| Q2 25 | $2.1B | $2.4B | ||
| Q1 25 | $2.2B | $2.1B | ||
| Q4 24 | $2.1B | $2.3B | ||
| Q3 24 | $2.1B | $2.3B | ||
| Q2 24 | $2.3B | $2.1B | ||
| Q1 24 | $2.2B | $1.7B |
| Q4 25 | $25.1M | $155.0M | ||
| Q3 25 | $29.0M | $436.0M | ||
| Q2 25 | $25.2M | $263.0M | ||
| Q1 25 | $18.7M | $221.0M | ||
| Q4 24 | $23.9M | $361.0M | ||
| Q3 24 | $45.9M | $357.0M | ||
| Q2 24 | $46.1M | $399.0M | ||
| Q1 24 | $-5.6M | $328.0M |
| Q4 25 | 11.9% | — | ||
| Q3 25 | 12.1% | — | ||
| Q2 25 | 13.1% | — | ||
| Q1 25 | 11.7% | — | ||
| Q4 24 | 13.0% | — | ||
| Q3 24 | 13.4% | — | ||
| Q2 24 | 12.6% | — | ||
| Q1 24 | 9.8% | 65.2% |
| Q4 25 | 2.6% | 25.2% | ||
| Q3 25 | 2.7% | 27.1% | ||
| Q2 25 | 2.9% | 20.0% | ||
| Q1 25 | 2.6% | 20.6% | ||
| Q4 24 | 2.8% | 27.7% | ||
| Q3 24 | 3.9% | 25.2% | ||
| Q2 24 | 3.7% | 31.9% | ||
| Q1 24 | 1.2% | 31.3% |
| Q4 25 | 1.1% | 6.3% | ||
| Q3 25 | 1.3% | 17.8% | ||
| Q2 25 | 1.2% | 10.9% | ||
| Q1 25 | 0.9% | 10.5% | ||
| Q4 24 | 1.2% | 15.7% | ||
| Q3 24 | 2.1% | 15.6% | ||
| Q2 24 | 2.0% | 19.2% | ||
| Q1 24 | -0.3% | 18.9% |
| Q4 25 | — | $0.33 | ||
| Q3 25 | — | $0.96 | ||
| Q2 25 | — | $0.57 | ||
| Q1 25 | — | $0.49 | ||
| Q4 24 | — | $0.79 | ||
| Q3 24 | — | $0.79 | ||
| Q2 24 | — | $0.88 | ||
| Q1 24 | — | $0.72 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | — | — |
| 总债务越低越好 | — | $13.3B |
| 股东权益账面价值 | — | $3.6B |
| 总资产 | $3.9B | $25.6B |
| 负债/权益比越低杠杆越低 | — | 3.65× |
8季度趋势，按日历期对齐
| Q4 25 | — | $13.3B | ||
| Q3 25 | — | $13.5B | ||
| Q2 25 | — | $13.6B | ||
| Q1 25 | — | $13.6B | ||
| Q4 24 | — | $13.6B | ||
| Q3 24 | — | $13.7B | ||
| Q2 24 | — | $13.7B | ||
| Q1 24 | — | $12.9B |
| Q4 25 | — | $3.6B | ||
| Q3 25 | — | $3.4B | ||
| Q2 25 | — | $3.3B | ||
| Q1 25 | — | $3.1B | ||
| Q4 24 | — | $3.1B | ||
| Q3 24 | — | $3.2B | ||
| Q2 24 | — | $3.1B | ||
| Q1 24 | — | $3.0B |
| Q4 25 | $3.9B | $25.6B | ||
| Q3 25 | $3.7B | $25.7B | ||
| Q2 25 | $3.8B | $25.7B | ||
| Q1 25 | $3.8B | $24.9B | ||
| Q4 24 | $3.8B | $24.6B | ||
| Q3 24 | $3.7B | $25.1B | ||
| Q2 24 | $3.8B | $24.8B | ||
| Q1 24 | $3.5B | $23.1B |
| Q4 25 | — | 3.65× | ||
| Q3 25 | — | 3.99× | ||
| Q2 25 | — | 4.10× | ||
| Q1 25 | — | 4.37× | ||
| Q4 24 | — | 4.39× | ||
| Q3 24 | — | 4.22× | ||
| Q2 24 | — | 4.46× | ||
| Q1 24 | — | 4.35× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $101.0M | $555.0M |
| 自由现金流经营现金流 - 资本支出 | $62.2M | $453.0M |
| 自由现金流率自由现金流/营收 | 2.8% | 18.4% |
| 资本支出强度资本支出/营收 | 1.8% | 4.1% |
| 现金转化率经营现金流/净利润 | 4.03× | 3.58× |
| 过去12个月自由现金流最近4个季度 | $193.3M | $1.4B |
8季度趋势，按日历期对齐
| Q4 25 | $101.0M | $555.0M | ||
| Q3 25 | $19.0M | $592.0M | ||
| Q2 25 | $216.3M | $449.0M | ||
| Q1 25 | $-51.6M | $118.0M | ||
| Q4 24 | $67.2M | $481.0M | ||
| Q3 24 | $122.7M | $540.0M | ||
| Q2 24 | $24.3M | $334.0M | ||
| Q1 24 | $-182.7M | $148.0M |
| Q4 25 | $62.2M | $453.0M | ||
| Q3 25 | $-678.0K | $531.0M | ||
| Q2 25 | $201.3M | $411.0M | ||
| Q1 25 | $-69.5M | $54.0M | ||
| Q4 24 | $20.4M | $404.0M | ||
| Q3 24 | $98.4M | $485.0M | ||
| Q2 24 | $8.7M | $291.0M | ||
| Q1 24 | $-199.3M | $122.0M |
| Q4 25 | 2.8% | 18.4% | ||
| Q3 25 | -0.0% | 21.7% | ||
| Q2 25 | 9.7% | 17.1% | ||
| Q1 25 | -3.2% | 2.6% | ||
| Q4 24 | 1.0% | 17.6% | ||
| Q3 24 | 4.6% | 21.2% | ||
| Q2 24 | 0.4% | 14.0% | ||
| Q1 24 | -9.0% | 7.0% |
| Q4 25 | 1.8% | 4.1% | ||
| Q3 25 | 0.9% | 2.5% | ||
| Q2 25 | 0.7% | 1.6% | ||
| Q1 25 | 0.8% | 3.0% | ||
| Q4 24 | 2.3% | 3.4% | ||
| Q3 24 | 1.1% | 2.4% | ||
| Q2 24 | 0.7% | 2.1% | ||
| Q1 24 | 0.8% | 1.5% |
| Q4 25 | 4.03× | 3.58× | ||
| Q3 25 | 0.66× | 1.36× | ||
| Q2 25 | 8.58× | 1.71× | ||
| Q1 25 | -2.76× | 0.53× | ||
| Q4 24 | 2.82× | 1.33× | ||
| Q3 24 | 2.67× | 1.51× | ||
| Q2 24 | 0.53× | 0.84× | ||
| Q1 24 | — | 0.45× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
GLP
| Gasoline | $1.0B | 46% |
| Refined Petroleum Products Renewable Fuels Crude Oil And Propane | $884.7M | 40% |
| Commercial Segment | $187.6M | 8% |
| Station Operations | $110.5M | 5% |
QSR
| CA | $1.0B | 41% |
| Other | $330.0M | 13% |
| Advertising | $308.0M | 12% |
| Others | $284.0M | 12% |
| Popeyes Louisiana Kitchen | $195.0M | 8% |
| Burger King | $185.0M | 8% |
| Royalty | $87.0M | 4% |
| Firehouse Subs | $59.0M | 2% |
| Franchisor | $7.0M | 0% |
